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Loans Terms and Conditions

Terms and Conditions of Loans with EC Loans

The loans we offer range from R 1000 – R 120 000 and our payment terms for loans range from one month to 84 months. Interest rates are based on each individual application and comply with the National Credit Act and National Credit Regulations.

Implications of Late or No Payments

We fully support the National Credit Act and it is our aim to meet your loan needs in a responsible manner. The only way costs will mount beyond our initial calculation is if you don’t keep your promise.

In other words, if you ask our service providers to change your repayment date, or don’t ensure sufficient funds are available for automatic collection. If there is an early morning collection attempt and the payment is declined by your bank – because you haven’t made sure there are enough funds available – they will do their best to contact you throughout the day. They always hope to resolve the situation that day but your bank may charge you for not having sufficient funds available in your account.

Our service providers will then make further attempts to collect the money from your account and their professional collections team will also keep trying to contact you to discuss the situation. If your circumstances have changed significantly, they will do their best to offer a solution and come to an arrangement that helps you get back on track.

They will try their utmost to keep penalty fees and charges to a minimum but interest and service fees will continue to mount on your balance for up to 90 days if they can’t reach a fair agreement in the meantime. If you don’t work with them and they can’t recover the money over a reasonable period, your account may be passed to an external collections partner.

Continued failure to repay a loan will also mean credit bureaus will record the outstanding debt. Records remain on file for a number of years after they are closed, whether settled by you or defaulted.

Renewal Policy

We do assist clients with more than one active loan as long as their current loan with our providers is up to date. Once you made three payments on your current loan you can apply for another loan with us. We will work out if you do qualify for another loan according the NCR rules as with the first loan.

The National Credit Act:

  • Provides one set of rules for all credit & loan activities
  • Aims to prevent reckless lending and over-indebtedness
  • Establishes new and improved rights for credit consumers

Personal Loan Terms & Conditions

By applying for a Personal Loan with EC Loans and signing the Application form received from this website I confirm the following:

I authorize your agent Netcash to debit my account on your behalf. The debit order agreement may be cancelled by giving thirty days written notice in writing but I understand that any amounts withdrawn while this agreement was in force in owing.

I also give permission for EC Loans to debit my account with a Once Off Fee of R 199.99 to obtain my Personal Credit Record if you require it just email us and will sent it gladly. Also to assist clients we do give a yearly report of your Credit Report ( Only payable after 12 months) for only R79.99 so you can see how your score is improving and that we can then assist with ways to assist you to improve credit report. This will only be billed once a year and not together with the R 199.99

Credit Report

With the EC Loans loan service you also get your Credit Report with info on how to repair your credit. We will e-mail you the login details to access the Credit Report once fee is paid. With that, some tools on how to improve your Credit Rating will also be sent to you. You will have a dedicated person in our office who will guide you through the process.

We will keep you updated on the complete process of seeking a loan for you that best suits you and have more than one option available to most clients.

We can also assist our clients with the following:

  • Assisting clients in finding a loan from different Service Providers (All registered with NCR)
  • Medical Aid Quotes (from more than one company)
  • Insurance Quotes

If a loan is declined we can forward your details for Debt-Restructuring in order to get your Credit Profile in good standing so you can apply for Home-Loans, Car Finance etc. in future (Not Debt Review or Counselling). Please contact us about this offer.

For more information on Home Loans & Bonds (Non-Blacklisted) please e-mail details to info@ecfinance.co.za


In order to use any of above service please call our Call Centre on 021 200 6010 and request the Form or e-mail info@ecfinance.co.za. Normal turnaround response time is 24 hours.

Please Note:

In the event that the payment day falls on a Saturday, Sunday or recognized South African public holiday, the payment day will automatically be the very next ordinary business day. Further, if there are insufficient funds in the nominated account to meet the obligation, we are entitled to track your account for 7 days and re-present the instruction for payment as soon as sufficient funds are available in your account.

Implications of Late Payment

No. of Days Late Implications
30 This record will damage your credit scores only when it is reported as currently 30 days late. The exception is if you are 30 days late often. Otherwise, a 30-day late payment will not cause lasting damage.
60 This record will also damage your credit scores when it is reported as currently 60 days late. Again, the exception is if you are 60 days late often. Otherwise, it will not cause long term damage.
90 This record will damage your credit scores significantly for up to 7 years. It doesn’t make a difference whether or not your account is currently 90 days late. Remember, the goal of the scoring model is to predict whether or not you will pay 90 days late or later on any credit obligation. By showing that you have already done so means that you are more likely to do it again compared to someone who has never been 90 days late. As such, your credit scores will drop.
120+ Late payment reporting beyond the initial 90 day missed payment does not cause additional credit score damage directly. However, there is an indirect impact to your scores. At this point, your debt is usually charged off or sold to a 3rd party collection agency. Both of these occurrences are reported on your credit files and will lower your credit scores further.

 

If you continue to miss your payments beyond 90 or 120 days, the following records may also harm your credit score:

Collections

Collections are the result of late payments. There are two types of collections; those that have been sold to a third party collection agency or those that have been turned over to an internal collection department. Regardless of which one shows up on your credit reports, your scores will suffer.

Settlements

Settlements are deals made between you and a creditor who is trying to collect a past due debt. Normally, you and the creditor would agree on an amount that is less than what you really owe them. Once you pay them, they consider the matter closed and paid off. However, they will report that you have made a debt settlement for less than your contractual obligation. This will hurt your scores as much as any other serious delinquency.

 

 

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Cost of credit and Application Requirements

Our financial service(s)/credit provider(s) offer between R1000 and R100 000,00 loans and are the best method of attending to an unforeseen financial event. Repayments are also tailored to suit your budget and your personal needs, they are also dependent upon your affordability and credit criteria. To apply for a loan you must, be a South African citizen or a permanent resident and 18 years or older with a valid identity document, earn a minimum of R1500 per month, have proof of your current residential address and your own a bank account into which your salary is deposited.

Cost of Credit:
Insurance: 1.25% of monthly opening balance
22.50% Benefit
The Maximum APR is 28% per annum

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